A lengthy legal ordeal has finally ended for Merry Morris. Much has been written about her case, most of it inaccurate, according to Merry, whom we interviewed on September 25, 2008. We want to present the truth about her case, and what better source for the truth than Merry?
Civil contempt incarceration in the context of asset protection planning has been the subject of a tremendous amount of commentary. Some writers seem to have “an axe to grind” in this regard, as they present half-truths and innuendos as if they were the law.
Individuals should proceed with caution and utilize experienced counsel when titling new assets or transferring title to existing assets. This issue of the APN is the first of two parts addressing the most frequent failings of individuals attempting to implement do-it-yourself asset protection by titling/retitling assets.
A group trust is a trust settled (created) by four or more individuals (for this purpose, a married couple counts as one individual). This technique was developed by Donlevy-Rosen & Rosen, P.A. in 2004 in response to a common problem faced by clients: often a client expressed concern not only about his/her own financial well-being, but also about others participating with the client in a business venture or other common pursuit.
An entity trust is a trust settled (created) by an entity, such as a corporation, limited liability company, trust, or partnership. An entity trust might also be settled by an appropriate group of entities, such as a related or commonly owned group of corporations, limited liability companies, trusts, or partnerships.
On April 20, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law. The stated purpose of the Act is to “improve bankruptcy law and practice by restoring personal responsibility and integrity in the bankruptcy system and ensure that the system is fair for both debtors and creditors.”
On April 4, 2005, the United States Supreme Court handed down its decision in Rousey v. Jacoway, a case addressing the issue of exempting individual retirement accounts (IRAs) from federal bankruptcy proceedings. The decision was widely hailed in the financial press, with such headlines as “High Court Rules IRAs Untouchable – Unanimous Decision Means Retirement Savings Are Protected From Creditors”.
All states provide some degree of “asset protection” through their state exemption laws. Such laws shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds from creditor claims. This issue of the APN is the second of two parts addressing the most frequent errors people make in attempting to implement asset protection on their own by using (or failing to use) state exemption laws.
All states provide some degree of “asset protection” through state exemption laws which shield certain types of assets, such as homestead, wages, annuities, life insurance and retirement funds (“exempt assets”). This issue of the APN is the first of two parts addressing the most frequent failings of individuals attempting to implement asset protection on their own by using (or failing to properly use) state exemption laws.
In 2002 the Cook Islands were removed from the OECD blacklist (See, APN, XI, No. 2), and, on May 7, 2003, the Parliament of the Cook Islands passed a suite of Acts to update its money laundering prevention laws and procedures with the expectation of also being removed from the FATF blacklist.